The shape memory polymer industry is set to record appreciable gains through the coming years in the Asia Pacific region. This rise is on account of the surging income level of consumers and the high economic growth in the APAC.
Besides, the expanding automotive sector in the Asia Pacific is a major driver enabling the expansion of the shape memory polymer business. India, China, Japan, and South Korea are some of the largest automotive manufacturing countries at the global level.
In addition to that, the proliferating expenditure on healthcare in the Asia Pacific is poised to impel the growth of the regional industry. Along with that, the shape memory polymer market is touted to expand a rise in research activities by various organizations and key shape memory polymer manufacturers.
To cite an instance, in April 2021, a team of researchers successfully showed that the addition of gold nanoparticle clusters to shape-memory polymers and subsequent stretching alters their plasmon-coupling traits. This enables them to have beneficial and different optical properties that impel usage in numerous applications.
Owing to these trends and as per the latest study by Global Market Insights, Inc., the shape memory polymer market size is anticipated to surpass USD 1 billion through 2027.
Prominent shape memory polymer manufacturers comprise SMP Technologies, Inc., Composite Technology Development, Inc., Dupont De Nemours, Inc., The Lubrizol Corporation, Asahi Kasei Corporation, Nanoshel LLC, Covestro AG, Cornerstone Research Group (CRG), EndoShape, Inc., and others.
Rising aerospace application demand – a key propellant of shape memory polymer industry growth
Shape memory polymers are used in the aerospace sector for the manufacturing of deployable structures comprising antennas, radars, support structures, and solar arrays. The product finds extensive application in the development of morphing structures for aircraft.
These structures are created so that the body of the aircraft can alter its shape as per external activation signals for lowering the usage of fuel, and enhancing speed, and maneuverability. In addition, shape memory polymers are also used in outer space applications.
Considering the above facts, a rise in the number of space exploration activities, overall escalation in the aircraft manufacturing sector, and increasing expenditure in the defense industry will augment the value of the shape memory polymer market through the estimated period.
Why will acrylic SMP materials account for a substantial industry share?
Acrylic SMP materials are expected to depict a CAGR of 24% through the analysis period. These materials are utilized for both commercial as well as research purposes.
Acrylic has multiple advantages comprising excellent weatherability, good optical clarity, and resistance to sunlight. The product has good impact strength and rigidity, which allows its usage for damping applications, along with good chemical resistance and dimensional stability.
Numerous acrylic shape memory polymer applications comprise a variety of uses across construction, healthcare, automotive, and aerospace industries. These polymers have also been utilized for manufacturing household goods.
In a nutshell, the increasing number of plausible shape memory polymer applications in the construction and biomedical industries will escalate shape memory polymer market growth through the forecasted period.